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PROPERTY INFO
FACTS
- Single Family
- Built In 1920
- Price/Sqft : $344.83
- 4 Days on Market
- MLS # : IV20250562
- Updated Date : 12/03/2020 at 19:42
CONSTRUCTION
- Beds : 3
- Floor Size : 1,305 sqft
- Baths : 2 full
Listing Agent
Devlin Realty
Listing Agent's Description
Welcome to the historical and highly desirable wood streets of Riverside. Rare two bedroom one bath home with permitted one bedroom, one bath cottage and separate garage all on one property: perfect for home office, guest quarters, rental income opportunity, or separate family member cottage. The main/front house features two bedrooms and one bathroom, sitting porch, living room kitchen with breakfast nook, and shared 4 piece bathroom; The back house features an open living room/dining area and kitchen, private spacious bedroom with dual closets and three piece bathroom with shower. The garage features a workbench and storage cabinets, as well as space for parking. Dual covered carports and dual backyard spaces make this property perfect for play, entertainment, gardening and more. Featuring original charm as well as some desired modern upgrades. The front home also features a basement, and indoor laundry/mudroom. The back house features its own separate laundry area. Meticulously loved and cared for; new AC, new roof on front house and garage, hitting the market for the first time in over 40 years!
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MARKET HIGHLIGHTS
- Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
- Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
- Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
- Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
- Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
- The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
- Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
- As part of Southern California area, Inland Empire market inherits all the benefits from the area.
PRICE & RENT TRENDS
Neighborhood: Brockton Place
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Brockton Place
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,650 |
| EXPENSES | Loan Payment | -$1,660 |
| Property Tax | -$438 | |
| Property Insurance | -$59 | |
| Property Management Fees | -$99 | |
|
CASH FLOW
-$607
|
||
This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.
$450,000
PROJECTED PRICE
$1,650
PROJECTED RENT
0.37%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.96% |
| Appreciation Year (1-5) | 8.0% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.43% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$125,000
LOAN DETAILS
$1,660
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $112,500 |
| Loan Amount | $337,500 |
0.25
YEARS SAVED
$236
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$1,650
LIST RENT -
$1.26
LIST RENT PER SQFT
-
$1,758
COMP ESTIMATED VALUE -
$1.35
COMP AVG. RENT PER SQFT
Comps Range
-
4211 Elmwood Court Riverside, CA 1
- 3 beds 2 baths ∙ 1,305 Sqft ∙ Built 1920 3 beds 2 baths ∙ 1,305 Sqft ∙ Built 1920
- Rent
- Rent Per SQFT
- $1,650
- $1.26
-
6658 Palm Avenue Riverside, CA 2
- 3 beds 1 baths ∙ 1,230 Sqft ∙ Built 1903 3 beds 1 baths ∙ 1,230 Sqft ∙ Built 1903
LEASED 11/10/20- Rent
- Rent Per SQFT
- $1,750
- $1.42
-
3294 Brockton Avenue Riverside, CA 3
- 3 beds 2 baths ∙ 1,461 Sqft ∙ Built 1923 3 beds 2 baths ∙ 1,461 Sqft ∙ Built 1923
LEASED 09/05/19- Rent
- Rent Per SQFT
- $1,850
- $1.27
-
4327 Jurupa Avenue Riverside, CA 4
- 3 beds 1 baths ∙ 1,306 Sqft ∙ Built 1915 3 beds 1 baths ∙ 1,306 Sqft ∙ Built 1915
LEASED 11/15/19- Rent
- Rent Per SQFT
- $1,900
- $1.45
-
6375 Stearns Street Riverside, CA 5
- 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 1927 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 1927
LEASED 05/15/20- Rent
- Rent Per SQFT
- $1,950
- $1.25
PROPERTY LISTING DETAILS
Devlin Realty
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: IV20250562
Last Updated: 12/03/2020
